Tom, thanks for checking in. All is good. I'm in the process of discussing with my employer what's the best way for me to continue to write on gurufocus, the content of my articles and how much I can write without creating a conflict of interest etc. Once that's resolved I should be able to write.

Hi Tom-Just a note to tell you how much I enjoy and learn from your articles. My recent article (about Eaton Vance) was my first-ever article written and published on Gurufocus.com. I hope to offer many more in the future to add to the community conversation. Anyway, if I ever publish an article and you have an extra moment, I would always appreciate any comment/insight you may have. As an amateur just trying to do the best I can with investing, I have much to learn--so you ...

Tom I still need to figure out how to use gurufocus's personal space better. I noted your message and thanks for the nice words. I've only had 4 years experiences in value investing so I can guarantee you that you are much more experienced than I am. Maybe we can agree that learning is mutual. Best of wishes at Dorfman!Looking forward to more of your articles.

Hi Tom - I'm about to take a break from writing, with a temporary, full-time job for probably the next six to 12 months. As I withdraw for now, I wanted to let you know your encouraging comments and feedback have been appreciated very much. And your articles have been thought-provoking, including the recent one about moving into cash; it synchs with my own interest in downside protection tactics, with everything from simple stops to option collars. Anyway, keep up the good work; I'll keep readin ...

Anchoring and confirmation bias can make it very difficult to admit that a long term and successful investment is no longer the compounding machine you thought it once was. It took me losing 25% of my profits and three go arounds with my DCF models, risk assessments, etc. before I could admit Ansys (ANSS) wasn’t the juggernaut I had invested in 13 years earlier. Just my $.02 worth. Thanks for a great article. Best - Tom

Hi Stephen. I agree with your assessment. Over 80% of the holdings in my portfolios have no debt and free cash flow that exceeds 25% of total revenue. (Readers are probably tired of hearing me harp about this!) I believe this assists me in avoiding value traps that find themselves boxed in by debt covenants, interest payments, or inability to service debt reducing R&D, growth strategies, or simply making wise strategic decisions. That’s a great point and thought it was a very astute comment. Best - Tom

Great stuff Bob. I must say my approach to small caps differes significantly from Wyatts's themes. Roughly my 80% ofy holdings in the Hayashi Trust and in individual accounts are intensly focused with little diversification. In the Trust I only have equities in 3 of the 11 S&P categories. It's been pretty much that way for the 20 years of my investment carrer. I focus (much like Batbeer) on quality first, diversification second. Just my $.02 worth. Best - Tom

Great stuff John. I think when one truly recognizes a.) their intellectual limitations and b.) prediliction for sloth and indolence then they've taken a huge step in being a better investor. Best - Tom

Great article Rupert. I won't short for two reasons. First, it's against my nature. I am comfortable rooting for growth rather than collapse. This isn't a moral judgement against those who short, it just isn't something that gets my juices flowing. Rather, it would keep me up all night. Second (as you mention), the risk/reward proposition simply is unacceptable to me. Having the potential for unlimited losses and capped gains is a game I'm simply unwilling to play. Thanks again for a great article. Best - Tom

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